Global UV curable resins market is projected to reach $5,403.9 million by 2023, the market growth is mainly driven by increasing preference for environment-friendly coatings in different industries such as electronics and automotive, according to P&S Market Research.
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Based on formulation, the UV curable resins market is categorized into oligomers, monomers, photoinitiators, and others (additives and pigments. Of these, oligomers is expected to be the fastest growing category in the market, advancing at respective volume and value CAGRs of 7.2% and 8.1% during the forecast period.
On the basis of application, the UV curable resins market is categorized into coatings, inks, adhesives, and others (masking materials, filling materials, soldering materials, and staping motor protective layers). Coatings was the largest application area in the market, accounting for more than 45 .0% revenue in 2017.
During the forecast period, the fastest growth in volume sales of these resins is expected in Asia-Pacific (APAC), with a CAGR of 7.9%. Countries such as China, India, and Indonesia are some of the leading APAC nations which have a fast-growing construction industry.
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Some of the major players operating in the global UV curable resins market are BASF SE, Toagosei Co. Ltd., Koninklijke DSM N.V, he Nippon Synthetic Chemical Industry Co. Ltd., Covestro AG, Wanhua Chemical Group Co. Ltd., Miwon Specialty Chemical Co. Ltd., Hitachi Ltd., Arkema Group, and DIC Corporation.
GLOBAL UV CURABLE RESINS MARKET SEGMENTATION
By Formulation
- Oligomers
- Monomers
- Photoinitiators
- Others
- Coatings
- Inks
- Adhesives
- Others
- Industrial Coatings
- Graphic Arts
- Electronics
- Others
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